Apse-backed Kallidus acquires Sapling

In conjunction with the deal, Kallidus has completed a refinancing, consisting of a unitranche debt package provided by Kartesia, a source close to the situation told Unquote.

Private debt firm Kartesia's fourth fund closed on €870m in October 2017 and offers debt and equity packages of €10-60m to European small- and mid-cap companies. KCO V was registered in March 2019 and, according to Unquote Data, is still fundraising.

The acquisition was made to help Kallidus enter the North American market and broaden its service offering. This is the company's second acquisition following the purchase of Engage in Learning, a provider of online educational services, in March 2020.

Apse acquired the company from FPE Capital, which achieved a 3x money multiple from the transaction in March 2019.

Company
Based in San Francisco and Vancouver, Sapling's platform automates human resources-related workflows such as offboarding and onboarding. Founded in 2019, the company employs 50 people.

People
Apse Capital – Tim Green (managing partner).
Kallidus – Rob Caul (CEO).

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• Topics
• Expansion
• Refinancing
• UK / Ireland
• Technology
• United Kingdom
• Buy-and-build
• Build-up
• Kartesia